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Negotiable Instruments Act, 1881 Section 126

Title: Payment of Cheque Crossed Generally

State: Central

Year: 1881

Where a cheque is crossed generally, the banker on whom it is drawn shall not pay it otherwise than to a banker. Payment of cheque crossed specially.--Where a cheque is crossed specially, the banker on whom it is drawn shall not pay it otherwise than to the banker to whom it is crossed, or his agent for collection.

Negotiable Instruments Act, 1881 Section 123

Title: Cheque Crossed Generally

State: Central

Year: 1881

Where a cheque bears across its face an addition of the words "and company" or any abbreviation thereof, between two parallel transverse lines, or of two parallel transverse lines simply, either with or without the words "not negotiable", that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed generally.

Negotiable Instruments Act, 1881 Chapter XIV

Title: Of Crossed Cheques

State: Central

Year: 1881

.....such payment.1 [ 2 [Explanation I]--A bankerreceives payment of a crossed cheque for a customer within the his customer's account with the amount of the cheque before receiving payment thereof.]3 [Explanation II.--It him, to verify the prima facie genuineness of the chequeto be truncated and any fraud, forgery or tampering apparent on the face of the instrument that can be verified with due diligence and. _______________________ 1. Added by Act 18 of 1922, sec. 22. Explanation re-numbered as Explanation I thereof by Act 55 of , sec. (w. --).3. Inserted55 of , sec. (w. --). Section 131A - Application of Chapter to drafts 1 [A. Application of Chapterto draftsThe provisions of this Chapter shall apply to any85A, as if the draft were a cheque.]___________________1. Added by Act of , sec. .

Negotiable Instruments Act, 1881 Section 129

Title: Payment of Crossed Cheque out of Due Course

State: Central

Year: 1881

Any banker paying a cheque crossed generally otherwise than to a banker, or a cheque crossed specially otherwise than to the banker to whom the same is crossed, or his agent for collection, being a banker, shall be liable to the true owner of the cheque for any loss he may sustain owing to the cheque having been so paid.

Negotiable Instruments Act, 1881 Section 131

Title: Non-liability of Banker Receiving Payment of Cheque

State: Central

Year: 1881

A banker who has in good faith and without negligence received payment for a customer of a cheque crossed generally or specially to himself shall not, in case the title to the cheque proves defective, incur any liability to the true owner of the cheque by reason only of having received such payment.1 [ 2 [Explanation I]--A bankerreceives payment of a crossed cheque for a customer within the his customer's account with the amount of the cheque before receiving payment thereof.]3 [Explanation II.--It him, to verify the prima facie genuineness of the chequeto be truncated and any fraud, forgery or tampering apparent on the face of the instrument that can be verified with due diligence and. _______________________ 1. Added by Act 18 of 1922, sec. 22. Explanation re-numbered as Explanation I thereof by Act 55 of , sec. (w. --).3. Inserted55 of , sec. (w. --).

Negotiable Instruments Act, 1881 Section 130

Title: Cheque Bearing "not Negotiable"

State: Central

Year: 1881

A person taking a cheque crossed generally or specially, bearing in either case the words "not negotiable", shall not have and shall not be capable of giving, a better title to the cheque than that which the person from whom he took it had.

Negotiable Instruments Act, 1881 Complete Act

State: Central

Year: 1881

.....When the holder of an accepted bill of exchange enters into any contract with the acceptor which, under section 134 or 135 of the Indian Contract Act, 1872 (9 of 1872), would discharge the other parties, the holder may expressly reserve his right to charge the other parties, and in such case they are not discharged. SECTION 40: DISCHARGE OF INDORSER'S LIABILITY Where the holder of a negotiable instrument, without the consent of the indorser, destroys or impairs the indorser's remedy against a prior party, the indorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity. Illustration A is the holder of a bill of exchange made payable to the order of B, which contains the following indorsements in blank- First indorsement, "B". Second indorsement, "Peter Williams". Third indorsement "Wright & Co." Fourth indorsement "John Rozario". This bill A puts in suit against John Rozario and strikes out, without John Rozario's consent, the indorsements by Peter Williams and Wright & Co. A is not entitled to recover anything from John Rozario. SECTION 41: ACCEPTOR BOUND, ALTHOUGH INDORSEMENT FORGED An acceptor of a bill of.....

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....operates as notice that the agent has but a limited authority to sign, and the principal is only bound by such signature the agent in so signing was acting within the actual limit of his authority. SECTION 26: PERSON SIGNING AS AGENT OR IN REPRESENTATIVE CAPACITY (1) Where a person signs a bill as drawer, endorser or acceptor, and adds words to his signature, indicating that he signs for or on behalf of a principal, or in a representative character, he is not personally liable thereon ; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability. (2) In determining whether a signature on a bill is that of the principal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted. SECTION 27: VALUE DEFINED (1) Valuable consideration for a bill may be constituted by- (a) any consideration sufficient to support a simple contract ; (b) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time. (2) Where value.....

Negotiable Instruments Act, 1881 Complete Act

Title: Negotiable Instruments Act, 1881

State: Central

Year: 1881

Preamble1 - NEGOTIABLE INSTRUMENTS ACT, 1881 Chapter I Section1 - Short title Section2 - Repeal of enactments Section3 - Interpretation clause Chapter II Section4 - "Promissory note" Section5 - "Bill of exchange" Section6 - "Cheque" Section7 - "Drawer", "drawee" Section8 - "Holder" Section9 - "Holder in due course" Section10 - "Payment in due course" Section11 - "Inland instrument" Section12 - "Foreign instrument." Section13 - "Negotiable instrument" Section14 - Negotiation Section15 - Indorsement Section16 - Indorsement "in blank" and "in full"--"Indorsee" Section17 - Ambiguous instruments Section18 - Where amount is stated differently in figures and words Section19 - Instruments payable on demand Section20 - Inchoate stamped instruments Section21 - "At sight", "On presentment", "After sight" Section22 - "Maturity" Section23 - Calculating maturity of bill or note payable so many months after date or sight Section24 - Calculating maturity of bill or note payable so many days after date or sight Section25 - When day of maturity is a holiday Chapter III Section26 - Capacity to make, etc., promissory notes, etc. Section27 - Agency Section28 - Liability of.....

Negotiable Instruments Act, 1881 Section 125

Title: Crossing After Issue

State: Central

Year: 1881

Where a cheque is uncrossed, the holder may cross it generally or specially. Where a cheque is crossed generally, the holder may cross it specially. Where a cheque is crossed generally or specially, the holder may add the words "not negotiable". Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker, his agent, for collection.